Ambiguity Aversion with Three or More Outcomes

S-Tier
Journal: American Economic Review
Year: 2014
Volume: 104
Issue: 12
Pages: 3814-40

Score contribution per author:

8.043 = (α=2.01 / 1 authors) × 4.0x S-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

Ambiguous choice problems which involve three or more outcome values can reveal aspects of ambiguity and ambiguity aversion which cannot be displayed in the classic two-outcome Ellsberg urn problems, and hence are not always captured by models designed to accommodate them. These aspects include Allais-type preferences over purely subjective acts, attitudes toward different sources involving different amounts of ambiguity, and attitudes toward ambiguity at different outcome levels. This paper presents a few such examples, and examines the standard models' predictions and performance in such cases. (JEL D81)

Technical Details

RePEc Handle
repec:aea:aecrev:v:104:y:2014:i:12:p:3814-40
Journal Field
General
Author Count
1
Added to Database
2026-01-25